And so who will fill that space? Who would best be to fill that? And what I want you to consider, I am being a bit jaded here. I believe I wish to see an American business can be found in there and fill that void. How would you see that occurring and what would you advise? We will start with you, Ms. Yearwood. Ms. Yearwood. Thank you, Mr. Yoho. I think that the U.S. is well put to fill deep space on the occasion that Venezuela is no longer able to offer through the Petrocaribe program. I think the surplus natural gas, I believe the development of clean and sustainable energy, the region is truly at a crossroads in regards to transitioning to tidy and renewable resource whether its solar or wind.
Among the issues, for instance, is OPEC has a large quantity of investment in the Caribbean in the energy area. But there are 2 issues. The size of the markets in the smaller sized countries of the Caribbean don't always allow them to get OPEC funding or actually be able to put together a good bundle for OPEC financing, and the 2nd point is lack of feasibility research studies (What happened to household finance corporation). What does finance a car mean. OPEC does not make grants and it does not do feasibility studies and so there is a great deal of legwork that needs to be done in order bring some of this brand-new innovation into the area.
Yoho. Is there any private collaborations, private-public partnerships or NGOs that you would recommend that would be finest fit, you understand, with the oil business and, you understand, among our think tanks up here? Ms. Yearwood. I would recommend Eric. No. Mr. Yoho. You need to like that. Is that a segue you desire to-- Ms. Yearwood. No, I think there are a great deal of entities in the U.S. that are dealing with energy in the Caribbean. Mr. Yoho. Okay. And I guess my issue is we can't fret about what took place in the past over the last 20 or 30 years.
And I understand our sensations are we don't wish to inform you how to live, we simply want to be excellent trading partners with you, but assist become strong trading partners where we establish an economic base in your countries. And with the influence of China, all my life China was type of a teen, however in the last, say 10 years, I have actually seen them become puberty and they have a great deal of money and they are starting to feel the impacts of their testosterone. And we have seen that in the South China Sea, but we have seen the financial investments they have actually performed in the Caribbean, you know, in the Bahamas-- I believe it was $3 \ 1/2 \ billion-- and what they have actually carried out in Panama and Honduras and all that.
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I simply believe there are much better partners that we can have and I believe that would come from the great ol' U.S. of A. timeshare perpetuity Therefore policies that you would assist direct us, you understand, whether it is ag, energy, simply merchandise trade, what would you suggest, Mr. Farnsworth? Mr. Farnsworth. Well, Mr. Yoho, thank you for the concern. And let me make a fast footnote on the China concern, initially, if I can. You know, China's engagement in the Caribbean-- and Ambassador Bernal is the real specialist on this. I do not desire to step on your toes. However it is various in the Caribbean than it remains in South America, for example, where it is far more industrial, it is a lot more commodities based.
You still have the political competition with Taiwan in parts of the Caribbean and Central America, et cetera, et cetera, so we have to remember that part of the element as well. In regards to the energy relationship, one of the important things we are discovering from the reforms in Mexico is it is not just oil and gas drilling, for instance. Everyone focuses on that in the majors in the deepwater in the Gulf of Mexico and when is the next bid round and all that. However what it is a lot more impactful in Mexico is the power grid, the electrical power, and when that secures free up the expense of electrical energy comes down which is truly helpful for the customer.
Therefore if you can bring that cost down to the consumer, firstly, you have more non reusable income to invest in other things, however also it ends up being a far more competitive industrial platform to begin to produce therefore that starts to bring financial investment, which today is more minimal because again on the size of the economy. So if there is one element that could actually be concentrated on, you know, it is not let's continue to import unclean diesel fuel and a few of the truly dirty contaminants that Venezuela is offering - How to become a finance manager at a car dealership. Let's assist convert the Caribbean to a tidy energy power grid that can be utilized far more effectively that where the expense of electrical power can come down and make the whole region a far more competitive efficient platform which will help their economies long term.
Mr. Yoho. And I appreciate it. And I run out time, however I eagerly anticipate working with you in the future so that we can prepare legislation to assist reinforce the existence of America there, and I think everybody wins in that situation. And I yield back, Mr. Chairman. Mr. Duncan. Thank you. We are then signed up with by Ambassador Bernal. Thanks for coming. I am sorry about the DC traffic and most likely intensified by price of timeshares the DC heat. However we are going to go on and recognize you for 5 minutes for an opening declaration. DECLARATION OF HIS EXCELLENCY RICHARD BERNAL, PRO-VICE CHANCELLOR FOR GLOBAL AFFAIRS, UNIVERSITY OF THE WEST INDIES IN JAMAICA Mr.
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Thank you, Mr. Chairman, my apologies for being late. I left my house at 3 o'clock a. m. today. I was working out until the Falun Gong had a demonstration on Constitution Opportunity. I will very briefly summarize my spoken declaration which is that I believe this is an important time for the U.S. to re- examine its policy towards the Caribbean and to take a brand-new bold initiative in the Caribbean; because, the Caribbean has actually been having an extremely challenging time given that the international recession; a combination of long term structural institutional factors along with some short-term cyclical factors, such as oil costs.
and for Jamaica since the U.S. is the primary and biggest trading partner and main source of financial investment and tourists. It is in the interest of the U.S. to have a flourishing, serene, and timeshare cost democratic Caribbean. In that regard I concentrate on the economic concerns, because I believe the economic concerns impinge on all the other issues which are very important such as governance, democracy, anti-narcotics campaigns. I have actually identified 6 concerns which I think need to be resolved. The very first concern which I think requirements to be resolved is the debt situation. The Caribbean countries have actually become a few of the most highly indebted nations on the planet.